Nissan board agrees to scrap USD 60 billion Honda merger talks: Source
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Talks have been complicated by growing differences between the two Japanese automakers, two people familiar with the matter, both of whom declined to be named because they were not authorised to speak to the media, said earlier.
Nissan shares slid more than 4% on the Tokyo Stock Exchange, which temporarily suspended trading in the stock after a Nikkei business daily report that it would pull out. Honda shares continued to trade and finished the day up more than 8%, in a sign of apparent investor relief.
The development will raise fresh questions about how hard-hit Nissan, which is in the middle of a turnaround plan and aims to cut 9,000 employees and 20% of global capacity, can ride out its latest crisis without external help.
Honda, Japan's second-largest car maker behind Toyota, and Nissan, its third-largest, said in December they were in talks to create the world's third-largest automaker by sales, bulking up in an industry facing a huge threat from China's BYD and other electric vehicle entrants.
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